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Key Start-ups that are performing well

1 Zomato
Founders: Deepinder Goyal and Pankaj Chaddah
Founded in: 2008
Zomato is a Gurgaon-based online and mobile app platform for restaurant discovery, ordering, pick-up,
and table booking. Zomato was founded by Deepinder Goyal and Pankaj Chaddah in 2008. It is an Indian
restaurant- search and discovery service that lets you search from over a million restaurants across the
globe and currently operates in 24 countries. The app and website also provide information and reviews
of restaurants while allowing users to upload images of the menu items they order as well as the
outlet’s pictures.

Location Gurgaon
Total $673 Mn
Funding
Investors Sequoia Capital, Temasek Holdings, Glade Brook Capital Partners, Shunwei Capital, Vy
Capital, Info Edge, Delivery Hero, Neeraj Arora, Ant Financial, Alipay Singapore, Saturn Shine

2 Swiggy
Founders: Sriharsha Majety, Nandan Reddy, and Rahul Jaimini

Founded in: 2014

Swiggy is a Bangalore-based food ordering and delivery venture that

provides food services solutions for restaurants. Swiggy was founded
by the trio of Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in
2014. Vishal Bhatia is the CEO of Swiggy. They are known to deliver
food and desserts from restaurants to its customers in under 40
minutes. The company’s smartphone-equipped delivery personnel
provide deliveries to customers through an app that runs on routing
algorithms. Customers can also track their orders in real-time. When
Swiggy began, it offered free deliveries. Today, Swiggy charges its
customers Rs. 30 (average) for a delivery but also provides free delivery
on huge orders.
Location Bangalore
Total $1.47 Bn
Funding
Investors Accel Partners, Norwest Venture Partners - NVP, DST Global, Bessemer Venture Partners,
Wellington Management, Coatue Management, Harmony Partners, Tencent Holdings, SAIF
Partners, Naspers, Hillhouse Capital Group, RB Investments, Meituan-Dianping

3 FreshMenu
Founder: Rashmi Daga
Founded in: 2014
FreshMenu is a Bangalore-based restaurant that works on the concept of cloud
kitchen and a go-to for neighborhood food delivery. It offers freshly prepared food from
cuisines such as oriental, continental, Italian, Mughlai and others. The startup offers a
menu that changes daily and delivers freshly prepared meals at the customer’s doorstep in
just 45 minutes. It operates through kitchens spread across the city and owns a delivery fleet.

Location Bangalore
Founded 2014
Total Funding $24 Mn
Investors Lightspeed Venture Partners, Zodius Capital

4 Faasos
Founders: Jaydeep Barman and Kallol Banerjee
Founded in: 2011
Faasos Food Services Pvt. Ltd. is a Pune-based “food on demand” startup. Faasos was founded by
Jaydeep Barman and Kallol Banerjee in 2011. It is an online food ordering platform that currently
operates in 16 Indian cities and takes customer orders on its mobile app and website. Faasos has an
operational model wherein it aggregates different restaurant chains and individual restaurants to deliver
a large variety of dishes. It has succeeded in striking a balance between scalability and sustainability.
Location Pune
Total $75 Mn
Funding
Investors Temasek, Goldman Sachs, Falcon Edge and Canadian Pension Plan Investment Board,
Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, ru-Net South Asia, and
RB Investments

5. Box8
Founders: Anshul Gupta and Amit Raj
Founded in: 2011

Box8 is a Mumbai-based Indian quick service restaurant chain. Box8 provides users an online platform to
browse through various product menus and place order(s) for home delivery. The app is available on iOS
and Android platforms.

The startup has raised $12 million which it utilizes to build technology, expand the team, deepen market
penetration, and build a seamless customer experience across its mobile and website platforms. It
currently operates in Mumbai, Pune, Bangalore, & Gurgaon. The investor list includes names like Trifecta
Capital, Mayfield, IIFL Wealth Management,Seed Venture Fund, and 42 others.

Location Bangalore
Total $12 Mn
Funding
Investors Mayfield Fund, Indian Angel Network, IIFL, Nitin Singhal, Kaushal Aggarwal, eWTP
Ecosystem Fund, IIFL Seed Ventures
Industry growth, performance and life cycle
The global food tech market size was USD 220.32 Billion in 2019, and it is anticipated to reach
USD 342.52 Billion by 2027, at a CAGR of 6.0% during the forecast period. The market is
primarily driven by the growth of advanced technologies within the food industry. Increasing
utilization of advanced technologies in food processing techniques is driving the growth of the
food tech industry. Innovations in robotics, processing techniques, and data technology, are
creating new growth opportunities in the food industry. Increasing awareness among the health
conscious population is increasing the demand for healthier foods. Rising demand for healthier,
cheaper, and safer food products is driving the market for food tech.

The growth of the eCommerce channels due to the convenience of favorable discounts and
cash-on-delivery is contributing to the growth of the market for food technology. Moreover, the
increasing penetration of the internet and smartphones in developing economies is supporting
the development of the market during the forecast period. Increasing demand for quick and
convenient food and grocery delivery is boosting the growth of the food-tech market. Factors
such as demand for more and higher quality products, reduced availability of staff and higher
wage costs, and the reducing cost of technology are expected to stimulate the advancements of
the market for food technology in the future. Strict regulations of the government and social
organizations regarding food safety, animal welfare, health, climate, and environment are
resulting in the minimization of food waste and reduction of energy consumptions, which in turn
is driving the demand for food technologies as the food processing industries are increasingly
adopting the advanced technologies to abide by the strict rules and regulations. Robotization of
the production processes is expected to fuel the growth opportunities in the food technology
market as the adoption of the promising technologies will result in higher production volume,
improved food safety, and Additionally, lower personnel Digitalization predictability and
contributes costs. increases to the streamlined use of production lines, thus improving efficiency
and helping in the growth of the market. Intensive competitiveness among the food-tech
startups in developing economies is expected to act as a challenge for the growth of the market.

Technology Type Insights:

The websites segment accounted the largest market share of 57.1% in 2019.

On the basis of technology type, the food tech market is segmented as mobile apps and
websites. The website segment accounted for the largest revenue share in the food tech market
in 2019. Increasing demand for quick and convenient food and grocery delivery with the
availability of cash-on-delivery and advanced online payment options drives the growth of the
websites and increases the ordering of food through individual websites of food chains.

The mobile app segment revenue growth rate is projected to incline rapidly during the forecast
period. Increasing adoption of online food ordering mobile apps across the world, like Zomato,
FoodPanda, UberEats, Swiggy, Grubhub, and DoorDash, is driving the growth of mobile apps.
Service Type Insights:
Online Grocery delivery segment revenue is expected to expand at a rapid CAGR of 6.8%
during the forecast period.

On the basis of service type, the food tech market is segmented as online food delivery, online
grocery delivery, OTT & convenience services. Online grocery delivery segment revenue growth
rate is projected to incline rapidly during the forecast period. The wide availability of online
grocery shopping websites and the shifting of consumer preferences for online shopping
platforms due to the pandemic have driven the growth of online grocery delivery in recent times.

Product Type Insights:

In terms of revenue, the meat segment dominated other segments in the market, and was
valued at USD 75.23 Billion in 2019.

On the basis of product type, the food tech market is segmented as meat, fruit and vegetables,
fish, bread and cereals, dairy, and other food products. The meat segment accounted for the
largest revenue share in the food tech market in 2019. The rapid population growth in the world,
and changing consumption pattern of the consumers, has increased the demand for meat.
Rising demand for healthier, cheaper, and safer meat products is driving the demand for the
online purchase of meat and thus driving the growth of the online grocery shopping channels.

Regional Insights:

North America dominated the global market for Food Tech in 2019, with a share of 43.1%.

Among the regional markets, the North America market accounted for largest revenue share in
the global food tech market in 2019. Rising awareness among consumers regarding health &
hygiene is driving demand for healthier & safer food products through online food delivery
channels, which, in turn, is driving growth of the market in the region. Robust presence of
advanced and secure online payment systems in countries in the region is also driving growth of
eCommerce channels. Increased adoption of robotics and data technology in food processing
techniques is another factor expected to drive market growth.

Revenue from the market in Asia Pacific is expected to expand at a rapid rate during the
forecast period. The Indian food-tech industry is poised to grow at a compound annual growth
rate of 25-30 percent to $8 billion by the end of 2022, according to a report by Google and
Boston Consulting Group. "Riding on the wave of higher consumption in growing market and
maturing dynamics on the supply side, we expect the industry to grow from $4 billion to $8
billion in the next three years—a massive 25 percent growth rate," the report titled 'Demystifying
the Online Food Consumer' stated.

Funding in the food-tech space has risen 35 times in the past five years, the report stated. As a
consequence, reach of food-tech startups—such as Swiggy and Zomato—has grown six times
from 2017 to 2019. At the same time, consumers are spending more than double the time to
explore and order online—from 32 minutes per month in 2017 to 72 minutes per month in 2019.
Increasing Internet penetration and smartphones usage in developing economies in the region
is driving preference for online shopping, which in turn is driving growth of the food tech market
in countries in the region, and this trend is expected to continue over the forecast period.
Moreover, increasing purchasing power and changing lifestyle of consumers is boosting
adoption of online food & grocery delivery options.

Online Food Service as % of Food Service spend*

*Food service industry defines those businesses, institutions, and companies responsible for any meal prepared outside the home. Source:
Euromonitor; BCG analysis.

Competitors, market share concentration and competitive dynamics

The foodtech market in India was valued at INR 289.36 Bn in 2019 and is expected to reach INR 1,868.19 Bn
by 2025, expanding at a compound annual growth rate (CAGR) of ~39% during the 2021 - 2025 period.

The foodtech market in India is an emergent but fast-growing market that has experienced remarkable growth
from 2015 onwards. The majority of the key players are startups and are at nascent stages of growth.

Some of the main players that operate in the market in India are Swiggy, Zomato, BigBasket, Jubilant Foods,
Freshmenu, and Licious.

Market insights:

Rapid urbanization, growth in the number of working youth, and increased adoption of the internet and
smartphones are a few of the significant factors that propel market growth. Lucrative offers and discounts
provided by various aggregators on their apps and the ease of doorstep delivery are further driving the market.
However, the dominance of unorganized players across tier II and tier II cities and the significantly low
penetration of internet in tier III cities deter its growth.
Segment insights:

On the basis of product type, the foodtech market in India is broadly categorized into two segments - online
food delivery and online grocery. In terms of revenue, the online food delivery segment dominated the foodtech
market, accounting for 67.13% of the overall revenue in 2020. The online grocery segment is expected to
witness high growth during the forecast period and is likely to dominate the market by the end of 2025,
accounting for ~55.10% of the sector.

COVID-19 impact analysis:

During the initial stages of the COVID-19 pandemic, the market experienced a setback mainly because the
online food delivery market was severely impacted by the nationwide lockdown. The frequency of online food
ordering declined initially because consumers were concerned about their health and the availability of delivery
agents fell due to the scarcity of jobs and migration of labor during.

However, many food service startups expanded their businesses beyond restaurant food delivery to target new
customers and retain existing customers with other types of delivery services.

Furthermore, the increased penetration of the internet in tier II and tier II cities since the pandemic has helped
these companies reach out to more people and expand their delivery services. The importance of online
transactions and other online activities were realized during the pandemic, both by customers, as well as
investors. This will help the foodtech market to grow throughout the forecast period.